Hi everyone and welcome to my homework post for week 3 of season 2. A detailed lecture has been delivered by Respected Professor @alphafx about trading and holding. In this post I would like to answer the questions asked.

Question # 1.

In this section I would like to share a bitter experience of mine and now it is a very a panic position for me when I remember about my investment and lost all of it. I invested my hardly earned and saved money in 2018 when I purchased about 30,000 Dogecoin and saved them in a wallet provided by Dogecoin itself. My target was to save and hold these Coins until I earn handsome amount from them. But after few months, my wallet was hacked and I lost all of it.

Previously Dogecoin reached about $0.40 in previous week or so and I was thinking of it that I would have earned a lot of money. 30,000 x 0.40 = $12,000 would be my money and I would purchased a car for me that is too much necessary for me as I am very much in need of it.

After this experience, I was unable to invest in any cryptocurrency as my resources are too limited. But now, after starting of Crypto Academy, I am more than happy and I am holding about 1,200 steem in my account and I am waiting for steem to go higher and then I will try to cash them. I have also about 370 SP and I am in a good position and hoping to recover what I lost in previous years.

Due to my bitter experience, I am not heading to any wallet and just keeping these coins in my account. I recently installed Trust wallet on my mobile and may be I would use the services of this wallet. I would definitelyHold my steem and wait for better opportunity to cash them.

Question # 2.

As I have mentioned earlier that I am not a trader and I am a Holder, So I don't prefer to trade as I can lose part of my hardly earned money through blogging after too much hardwork. But as the task requires, I will provide screenshots telling how to do spot trading and I will use Binance app for this purpose.

Image Source

For spot trading, I opened Binance app and click on "Trades" icon circled in the screenshot below. It goes directly to Spot and I selected Sell and enter the amont to exchange or sell. After that Sell Eth should be clicked to complete the transaction.

Below is the screenshot explaining how to Buy through spot trading. First select the pair of Coin you want to buy with the coin you possess. Then choose Buy and enter the amount of coin you want to exchange. After entering required data, simply Click on Buy and your transaction is completed in this way.

I have tried to explain with the help of screenshots how to buy and sell using spot trading and I hope, it has been explained well to make you understand how to sell and buy.

Question # 3.

Trading can be very profitable if done with proper knowledge and price forecasting techniques. As we have learned from cryptoacademy lectures how to trade successfully with the help of Technical and Fundamental analysis, using different tools to determine the trend of market and some other technical indicators, it can be very profitable.

But on the other hand, a trader can lose his money easily, so keeping in view all these points, I am not a trader and I will prefer to Hold my earned money and wait for good opportunity to cash it. I have gone through a bitter experience that I stated in the beginning of this post, I will prefer holding rather than Trading.

Why I am chosing Holding for me, because we all have seen the rapid growth in the price of Bitcoin and now, in my opinion, alt season has set in and I hope, steem will be on its way to moon and I will cash my steem on that way to the moon. In simple words, I expect steem price to go higher and it has recently shown its trend to be positive as it touched $1.40 price and it will move higher according to my analysis and expectations. So, Holding Steem is the best option for me right now.

Conclusion.

Trading can be profitable and also a trader can face loss, but it depends upon the nature of trader. How much a trader is willing to risk but holding is also another good option and a Holder has to wait longer to search for an opportunity.

@alphafx

Thanks in anticipation.

Regards,

@mawattoo8